M&M aims to present bid for Pininfarina by April 29 - sources

By Stefano Rebaudo

MILAN (Reuters) - Vehicle maker Mahindra & Mahindra aims to present a formal offer for Pininfarina in time for the Italian car designer's April 29 shareholder meeting, two sources with knowledge of the matter said.

The Indian company's offer is expected to have the backing of Pininfarina's controlling shareholder Pincar - which has a 76 percent stake in the group - but will still need to win the blessing of Pininfarina's creditor banks, the sources said.

Debt-laden Pininfarina, which has a market value of around 162 million euros, said on March 26 that Mahindra & Mahindra had expressed an interest in buying it, confirming media reports. Its shares have risen just under 40 percent since then.

The Indian group on Monday reiterated it had not entered into any agreement that would have a material impact on the company, following a newspaper report that talks between the two companies were in the final stages.

A spokesman declined to comment further, saying that as a matter of policy the company does not comment on speculation. Pininfarina had no immediate comment.

(editing by Silvia Aloisi)